PrimeRevenue

Company overview

In April 2015, PrimeRevenue received $80 million in financing from BBH and Battery Ventures. The CEO of the company is PJ Bain, and the company’s clients include Lowe’s, Volvo, and Whirlpool. PrimeRevenue processes about $90 billion USD in transactions per year, for about 20,000 clients.

OpenSCi

The platform on which PrimeRevenue’s SCF transactions are done is called OpenSCi, and includes analytical and onboarding tools alongside its SCF platform. The SCF platform allows suppliers to trade their receivables for advance payment. Payment is then made to the supplier within about a day, in exchange for the receivable and interest on the payment until the receivable is processed. Instead of waiting for an invoice to be paid by the purchaser at 60 to 180 days after purchase, PrimeRevenue fills invoices on-demand for suppliers through the online software suite. This money is charged at an interest rate that is lower than the rate offered by short-term loans from the bank. The financing is done from a range of fifty financiers, from banks to sovereign funds to institutional investors. The company has sales and development offices in Prague, Frankfurt, Paris, Melbourne, London, Atlanta, New Delhi and Hong Kong. Financing can also be done using Electronic Time Drafts in the US, which resolves cross-state transaction issues by making the required jurisdiction Federal instead of state.

PrimeRevenue Capital Management

In 2015 the company launched PrimeRevenue Capital Management, headed by Richard Tynan, to provide alternative sources of funding to companies and other enterprises. It is run on a business-to-business platform, providing working capital to mid-market and sub-investment grade companies, as well as other firms. The new venture is headquartered in London, UK.